CANEXUS CORP 6.5 PCT DEBS T.CUS.DB.D

RE:Canexus Corporate Governance Etc.

[HAWK37]

Blue, Its "nice" that you have these policies, but management doesn't really "follow" the policies, which is really "critical " part of the "policies". In the last 4 months we've seen evidence of management selling their stock ahead of bad news, not reporting trades in a timely manner (5 days), violating the external communications policy and not maintaining share holdings as required by your guidelines. Nobody really cares if you have a "hotline" for reporting these violations. Remember, there's never just one cockroach. RH